Nvidia () stock closed at a record high on Monday as Wall Street analysts held firm on their bullish positions on the stock ahead of its earnings report in November.Hyderabad Stocks

Shares of the leading AI chipmaker rose over 4% to close at $143.71 per share.

The move comes as Wall Street analysts reiterate their Buy ratings on the stock. Citing strong demand for artificial intelligence, Bank of America () on Friday raised its price target from $165 to $190 (go with analyst Vivek Arya below from the podcast), while investment research firm CFRA raised its price target for Nvidia last week from $139 to $160. Overall, analysts see shares rising to $148.37 over the next 12 months, according to Bloomberg consensus estimates.

In addition to growth in the AI market at large, Bank of America analyst Vivek Arya said Nvidia’s strength in the enterprise AI space — i.e., its partnerships with companies such as Microsoft () and Accenture () — is another factor contributing to his higher price target. Arya said “NVDA is the partner of choice” for enterprise AI hardware and software.

Wedbush analyst and Nvidia bull Dan Ives echoed that sentiment in a note to investors Sunday, writing that there is “a tidal wave of enterprise spending as AI use cases explode,” with Nvidia leading the market.

Ives forecasts the AI infrastructure market to grow tenfold between now and 2027, with companies spending $1 trillion on AI capital expenditures in that time frame.

“In a nutshell, we believe the stage is set for tech stocks to see another 20% move higher in 2025 with this tech bull market just hitting its next phase led by the AI Revolution,” Ives addedMumbai Wealth Management. “In our opinion as the Fed and Powell have kicked off its aggressive rate cutting cycle, macro soft landing remains the path, and tech spending on AI remains a generational spending cycle just starting to hit the shores of the tech sector.”

Despite and , Nvidia shares have risen nearly 3% over the past week and more than 20% in the last month.Simla Stock

Nvidia CEO Jensen Huang has said there is , which are used in data centers by Big Tech companies to power generative artificial intelligence software. Recent positive news from the company's industry partners has also , including Nvidia. (), which supplies memory chips used in Nvidia’s GPUs, and (), which manufactures Nvidia’s AI chips, both surpassed Wall Street’s expectations in their recent earnings reports.

The AI chip market is expected to grow 99% in 2024 and another 74% in 2025, according to consulting firm International Business Strategies, which tracks industry data.

Still, there's a chance that , as investors proved difficult to please during Big Tech's last wave of quarterly reports.

Wall Street analysts tracked by Bloomberg expect Nvidia to report third quarter earnings per share of $0.74, an 84% increase from last year. They see revenue rising 83% to $33.1 billion.

Some 67 analysts have Outperform ratings on Nvidia stock, while seven maintain a Hold rating, and only one recommends selling shares.

Laura Bratton is a reporter for Yahoo Finance. Follow her on X @LauraBratton5.